As a small business owner, one of the most important assets you can have is great time management skills. The average entrepreneur works 49 hours each week, according to The National Federation of Independent Businesses (NFIB), but is that time being used effectively?
Take this quiz to identify some areas where you're working smart and areas where there's room to improve:
1. How much of the average workweek is spent on email?
a) 15 percent
b) 25 percent
c) 31 percent
d) 48 percent
The correct answer is C, according to NFIB. Instead of letting email steal nearly a third of your time, start checking it just twice a day. You may be surprised how much of it isn't urgent.
2. How much time does the average small business owner spend working in their business (instead of on it)?
a) 68 percent
b) 52 percent
c) 44 percent
d) 32 percent
The correct answer is A, according to NFIB. Just 32 percent of a workweek is spent growing the business versus taking care of day-to-day tasks. Schedule planning time on your calendar — then protect it.
3. How many times an hour are you interrupted in the office?
The correct answer is D, according to The Washington Post. We're our own worst enemy, losing our train of thought every three minutes. Instead of feeling constantly distracted, create a daily list of priorities and put everything else on hold until they're finished.
4. What fraction of a month's meetings are unnecessary?
The correct answer is B, according to Psychology Today. Instead of scheduling time-wasting meetings, hold 10-minute check-ins or send status updates by email.
5. How much time each day does the average person spend on social media?
a) 30 minutes
b) 48 minutes
c) 90 minutes
d) 116 minutes
The correct answer is D, according to Social Media Today. You may think you're just popping on Facebook for a minute, but you could be jumping down a rabbit hole. Set a timer when you post on social, even if you're posting for your business.
How do your time management skills rank?
Check back in next Wednesday for our next installment in our Small Business Summer School series and tips on how to establish a rainy day fund for your business. See you then!
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